Kuwait extends its voluntary cut of 135,000 bpd until June

Dr. Imad Al-Ateeqi, Minister of Oil and Chairman of the Board of Directors of the Kuwait Petroleum Corporation, said that Kuwait will extend its voluntary reduction of 135 thousand barrels per day until next June.

He confirmed that Kuwait’s production will continue at 2.413 million barrels per day until the end of June 2024 in support of market stability, praising the spirit of cooperation and coordination in OPEC+.

He explained that this voluntary reduction comes in addition to the previous voluntary reduction of 128,000 barrels that Kuwait had previously announced in April 2023, which will continue until the end of December 2024.

The minister added that the additional voluntary reduction comes to strengthen the precautionary efforts made by the OPEC+ countries with the aim of supporting the stability and balance of oil markets.

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